Security News > 2023 > October > AI strengthens banking’s defense against fraud

63% of respondents indicated that they are comfortable with AI helping their bank detect fraud.

Almost half of respondents abandoned a new bank account application after starting because it didn't feel secure or was too cumbersome.

As the transition to digital banking continues, Millennials and Gen Z respondents indicated they strongly preferred physical cards.

78% of respondents indicated they would prefer to do their basic daily banking online including making deposits or withdrawals, applying for a credit card, and opening a checking, savings or investment account.

All roads start with secure account opening - ensuring trust and identity from the very start of the banking relationship.

The majority of survey respondents are comfortable with banks using biometrics like facial recognition for identity verification, offering fresh opportunities for banks to explore new technologies for enhanced security.

News URL

https://www.helpnetsecurity.com/2023/10/27/payment-technology-ai-biometrics/